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Banker's Toolbox solidifies its position as the premier solution for fast-growing financial institutions with the release of BAM+ 4.0 upgrade.
Banker's Toolbox continues to lead the BSA/AML and Fraud prevention marketplace with the release of BAM+ 4.0. This solution provides increased detection with more versatility, transparency and control. BAM+ 4.0 also boasts a new customer due diligence platform, Due Diligence Manager, which will keep institutions compliant with the impending beneficial ownership mandates. (Read full press release here.)

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Company pays $1.2M to settle OFAC sanctions violations

OFAC has announced a $1,220,400 payment from a Delaware-based dental supply company under an agreement to settle its potential civil liability for 37 apparent violations of the Iranian Transactions and Sanctions Regulations (ITSR) from 2009 through 2012.


NIST issues second draft of cybersecurity framework

The National Institute of Standards and Technology has issued Draft 2 of Version 1.1 of its Framework for Improving Critical Infrastructure Cybersecurity for public review and comment. It also issued a draft version of the companion NIST Roadmap for Improving Critical Infrastructure Cybersecurity Version 1.1. The update drafts aim to clarify, refine, and enhance the Cybersecurity Framework, amplifying its value and making it easier to use. Comments are due by Friday, January 19, 2018.


Alabama credit union liquidated

The National Credit Union Administration has announced the liquidation of Riverdale Credit Union of Selma, Alabama. Jefferson Financial Federal Credit Union of Metairie, Louisiana, immediately assumed Riverdale Credit Union’s membership, shares, loans, and most other assets. Riverdale was placed into conservatorship on June 22, 2017, as a result of unsafe and unsound practices at the credit union. The NCUA made the decision to liquidate Riverdale and discontinue its operations after determining the credit union was insolvent and had no prospect for restoring viable operations. Riverdale is the fifth federally insured credit union liquidation in 2017.


FDIC State Profiles released

The FDIC has released its third quarter 2017 State Profiles, which provide a quarterly data sheet summation on banking and economic conditions in each state.


ISIS recruiter designated by OFAC

OFAC has announced the designation of Abdullah Ibrahim al-Faisal (Faisal), a Jamaica-based Islamic cleric, as a Specially Designated Global Terrorist who provided recruitment services to the Islamic State of Iraq and Syria (ISIS). Faisal assisted in, sponsored, or provided financial, material, or technological support for, or financial or other services to or in support of, ISIS. As a result of yesterday's designation, all property and interests in property of Faisal subject to U.S. jurisdiction are blocked, and U.S. persons are generally prohibited from engaging in transactions with him. See our OFAC Update for identification information for Faisal.


FinCEN Exchange launched

FinCEN has announced the launch of its FinCEN Exchange program to enhance information sharing with financial institutions. As part of this program, FinCEN, in close coordination with law enforcement, will convene regular briefings with financial institutions to exchange information on priority illicit finance threats, including targeted information and broader typologies. The program will enable financial institutions to better identify risks and focus on high priority issues, and will help FinCEN and law enforcement receive critical information in support of their efforts to disrupt money laundering and other financial crimes.


OCC 2018 fees unchanged

OCC Bulletin 2017-60, issued Friday, announced the OCC's calendar year 2018 fees and assessments structure. For the 2018 assessments year, there will be no inflation adjustment to assessment rates. The schedule continues to include a surcharge for national banks, federal savings associations, and federal branches and agencies of foreign banks that require increased supervisory resources.


Foreign exchange rates report

The November 2017 G.5 Foreign Exchange Rates Report, which shows the average rates of exchange together with comparable figures for other months, has been released by the Federal Reserve. Averages are based on daily noon buying rates for cable transfers in New York City certified for customs purposes by the Federal Reserve Bank.


FRB leaves CCyB at current level

The Federal Reserve Board has announced it has affirmed the Countercyclical Capital Buffer (CCyB) at the current level of 0 percent. In making this determination, the Board followed the framework detailed in the Board's policy statement for setting the CCyB for private-sector credit exposures located in the United States. The buffer is a macroprudential tool that can be used to increase the resilience of the financial system by raising capital requirements on internationally active banking organizations when there is an elevated risk of above-normal future losses and when the banking organizations for which capital requirements would be raised by the buffer are exposed to or are contributing to this elevated risk, either directly or indirectly.


2016 Terrorist assets report

The Office of Foreign Assets Control (OFAC) has released its 2016 Terrorist Assets Report.


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